Utility Cable shares suspended

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The Independent Online
Utility Cable shares suspended

SHARES IN Utility Cable, the troubled group which digs up roads to install TV cables, were suspended yesterday at the company's request. In a statement, Utility Cable said it had asked the Stock Exchange to suspend trading "pending clarification of its financial position". The company declined to comment further.

The shares have slumped from a high of 37p five years ago to 2.25p yesterday as Utility Cable was hit by sharp reductions in installation expenditure by cable TV operators. In January the company announced a boardroom shake- up which saw the departures of the chief operating officer, Alan Baskeyfield, and the commercial director, Sean Maguire.